Michigan Administrative Code
Department - Attorney General
Consumer Protection and Charitable Trusts Division
Soliciting Agencies
Section R. 400.241 - Sound financial accounting; use of funds

Rule 241. The charitable organization must show sound financial accounting, and show that all moneys expended have been applied to the carrying out of the announced purpose for which the agency is organized, or for which the solicitation was held. Where the amount received from solicitations during the fiscal year of the charitable organization is less than $15,000.00, the report of audit submitted in connection with an application for the annual license may be a detailed statement sworn to by 2 or more officers of the organization. In all other cases, an audit of the complete operation of the charitable organization by a certified public accountant and certified, as to correctness, by him is required. The organization must adopt controls of income to make it possible for the certified public accountant to attest to the correctness of the amount shown as received, or including all receipts.